Given the complexities of such a custom-made, all encompassing solution, setting up a home office is no simple task. With that in mind, let’s take a look at 10 steps for setting up a family office in Singapore.
Choose the Services You Want Your Family Office to Provide
A reputable family office service provider should offer a truly bewildering array of services to you, so take your time to go over what would be of use to you.
Here’s an incomplete list of services that could be offered under your family office:
- - Planning
- - Budgeting
- - Tax services
- - Legal services
- - Wealth management
- - Concierge services
- - Property management
- - Charitable giving
- - Family governance
- - Wealth succession
- - Investment education for the family’s next generations
- - Establishment and operations of private foundations
- - Payroll and human resources
Each of these services will be assigned to dedicated staff, creating a team of experts at your disposal virtually 365 days a year.
Decide How Your Family Office Leadership Will Be Structured
While it might feel natural to hire a former employee, banker, or CxO given your long and trusted relationship, they may not actually have the skills or experience to handle the complexities of a family office.
With that in mind, when it does come to choosing your family office CEO, CIO, etc., we do advise that you defer somewhat to the advice of your family office service provider. They will be able to use their network to help you recruit the very best person to lead your family office.
It is of course ultimately your choice, but do keep the above in mind — after all, this will be the team charged with leading your family’s legacy for decades to come.
Read more about Setting up a Family Office in Singapore at InCorp Global.
